Brand and Company: What’s the Difference?
When we talk about a brand, we talk about a company. A company that has products which it needs the customers to get access to. So what might you say is the difference between them both? Well, a company becomes a brand when it gets well renowned by people. A company is all about the products, while the brand is all about the game of the name and fame by its consumers.
When we talk about the branding of a company, it is quite a process. There are a few basic stages which a company has to go through to reach the platform of being called a brand.
The stages may have experimentation in building the name among the target audiences.
The Fundamentals of Branding
A few fundamentals of branding can be;
Creating a Brand Image
Brand image is how you would want your audience to perceive you. The key here is to understand how well you connect to your audience through the name and the logo and your tagline. Something easy and happy usually works best, as people tend to remember that more, just like LG – Life’s Good. Which brings us to the second point.
Know Your Audience
Knowing your target audience is how you’ll determine what works best for the brand and the company. There are A/B tests to be done by the branding committee to come up with the analytics and stats of what people reacted the most to. This process of testing also shows what your mission and vision should be clear about.
Know Your Mission and Vision
Sometimes you think of a thing in a certain way unless someone else and expresses how they had experienced the thing differently and that opens up a world of possible imaginative thoughts for you. This is exactly what happens when you test your audience out because you might perceive your product in one way but the consumers will steer you in the direction that suits them best. That’s when you need to be clear of your vision and mission regarding the brand.
Pop-Out of the Shell!
Don’t try blending in with the crowd. POP OUT and be bold about your product like Logo Magicians. That will help you create a statement and in return, will help you be more prominent. Now to pop out of the crowd, you’ll have to follow a few strategies to know your sweet spot.
Strategize Every Move
When planning to brand up your company and its products, you need to keep in mind that strategizing things always helps. Whether it be the strategy to leverage your local/foreign influencers or the print and digital media, you need to emphasize having strategies that different teams of your company can follow to bring out the best one.
Branding Strategies for Beginners – 101
Speaking of strategies, there are few that can be adopted to get the word of mouth out and help create great awareness of your company. A couple of them are as follows;
Line Extension Branding Strategy
This strategy basically plays around the concept of dipping your toes in the waters to test it out. You give out one product to the consumers and see how they like it, then you enhance features of the previous product and launch another one out. Sounds familiar? Yes! I am talking about the famous Apple. When they launched their first iPhone, they were testing the waters to see how the product is taken, then they launched another one, and another one, and another, so on so forth.
Brand Extension Branding Strategy
This strategy is experimentation relying on the already-existing product but introducing a new product with a new name. Not correcting or enhancing the earlier version, just a new product of the same brand. An example of this is how Lipton Tea was always the milk-based tea for the target audiences. Now they have established their line of Green Tea too, then their Iced Tea came along too. That is a family of the already-existing brand and audience but it does not enhance it in any way rely on it. So if they stop the production of their milk-based tea, their other brands of iced tea or green tea will not suffer.
This article sums up how you should begin when starting to brand your company and evolving it into something that is way more visible to the audience and they relate to it to buy it. If your company has excellent products, it should also invest in having the best branding strategies there are too, otherwise, there will be piles and piles of products, and no consumers to follow or remember it. If you have a budget, the best way is to hire a top branding agency to get professional services.